A financial consultant is a person who provides advice or strategies to someone in need. The role of a financial advisor can be fully understood only when someone feels at a loss for making decisions themselves. These people are specifically trained, sometimes certified by various institutions, and highly qualified to tend to every financial need. Whether it be a debt that someone needs to get rid of or a house mortgage that has been pending, a consultant will chalk out the best possible plan for every situation. Let us know about “Salaries For Financial Consultant”
Typically, a financial consultant makes around $89330 per year. The top 25 % of the best consultants, however, make much more than that. They earn around $157,020 per year. These figures are average figures. However, the grass is not always green. The bottom 25% of all financial consultants made only $59,450. While that is no meager salary, that figure comparatively was much lower than what the top financial consultants earn.
Types Of Financial Consultants And The Salaries They Earn Every Year:
Financial consulting covers a wide range of jobs. Some people specialize in personal finances while some people give advice to corporations. Even within specific niches, the cons ultants work in various specific financial aspects, like investment, healthcare planning, etc. Based on what they do, financial consultants and the salary they earn have been elaborated on below.
Customer Service Representative:
Customer service representatives generally provide one-time services. This means that they will assist in services like choosing a bank account. They will also assist in choosing the right credit card for a person. Various banks provide various loan options. A wrong selection of a bank can lead to tanking of a lot of financial assets and can leave a person in the mud. Customer service representatives help people in choosing the right bank for a loan. They also provide advice where short-term investments are concerned. These types of financial consultants can only work for an organization. This means they do not provide private service. To avail of their services, a person has to avail of the service of the organization which will then assign a customer service representative of their choice. This arrangement means that customer service representatives do not get paid directly by the customer. However, the organization charges according to a person’s financial needs and the amount of work a financial consultant has to do. There is no fixed rate.
The average salary of a customer service representative is around $35,830 per year. The top 25% of the salaries clocked around $45,400. However, the lowest 25% of salaries were around $28,760.
Personal Banker
These financial consultants generally work in banks. They can also be found working for trusts. The personal banker is responsible for managing the finances of their bank’s clients. A majority of their task is to sell investment opportunities for the bank to their clients. These investments may be GIC or savings bonds. The personal bankers will also try to sell loans and credit cards as well. Some personal bankers can also sell mutual funds. However, they have to be registered with certain organizations for doing that.
Personal bankers also draw their salary from the bank or trust they work it. Hence, the customer does not pay the personal banker directly. Their average salaries aren’t that high. It is around $46,777 per year. The lowest 10% earn only around $24,000 per year. There is a disparity at the top, however. The top 10% make a handsome amount of $90,000 per year.
Mutual Fund Representative
The job of a mutual fund representative is simple. They are registered to trade mutual funds for you or on your behalf. Since investing in mutual funds can be risky, these people are trained to make decisions for you. They do not work for any organization. However, they are paid by the organization they are tasked to sell mutual funds for. Hence, the more mutual funds they sell, the more money they get. Their salaries can become a bit variable as a result.
Typically, a mutual fund representative is around $82463 per year. The highest salaries are around $11638 per year. The median salary of a mutual fund representative is around $92570 per year.
Investment Representative
Investment representatives are sometimes also called stockbrokers. These people are responsible for buying and selling not only mutual funds but also other investment options. These can range from closed-end funds to ETFs, stocks, and bonds. Since their primary job is to sell these investment options, they get a commission from their organization for each sale. The organizations they work for are known as brokerage firms.
Investment representatives earn around $51819 per year. The high-end salaries are around the range of mid $60000 per year. The lowest salary is around $40000 per year.
Investment Advisor
This type of financial consultant is responsible for managing a client’s investment procedures. Their job is mostly concerned with protecting the client’s assets and seeing which investment options give the highest returns with minimum risks. However, these advisors mostly work with affluent people. That is to say, people who have at least around $250000 to invest, acquire the service of investment advisors.
Investment advisors make around $89000 per year. This salary is their median salary. The top 25% of investment advisor earners get around $157000 per year. The lowest rung of earners or the lowest 25% gets much less. Their average salary is around $59450 per year.
Insurance Advisor
Insurance advisors’ jobs can be broadly subdivided into two types. They are either responsible for selling insurance or giving advice about insurance or both. Specializations exist in this profession as well. Some people specialize in selling and advising about life insurance, while others excel in health insurance. The insurance advisor’s earnings depend on the insurance packages they sell. The more they sell, the more they earn.
Typically, they earn around $51083. The salary however is variable. It depends on the amount of insurance they can sell and also on the years of experience. The high earners take home around $65000 as a result.
Conclusion
Financial consultancy is a very lucrative career. Even though the salaries vary according to specializations, the earning potential is good everywhere.
